Notice2023-06545
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 29, 2023
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the Recordkeeping and Disclosure Requirements Associated with Regulation RR (FR RR; OMB No. 7100-0372).
Full Text
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<title>Federal Register, Volume 88 Issue 60 (Wednesday, March 29, 2023)</title>
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[Federal Register Volume 88, Number 60 (Wednesday, March 29, 2023)]
[Notices]
[Pages 18546-18547]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-06545]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, without revision, the
Recordkeeping and Disclosure Requirements Associated with Regulation RR
(FR RR; OMB No. 7100-0372).
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, <a href="/cdn-cgi/l/email-protection#deb0abb6bff0bbb2b3bfb9b6acbfbcb79eb8acbcf0b9b1a8"><span class="__cf_email__" data-cfemail="2c4259444d024940414d4b445e4d4e456c4a5e4e024b435a">[email protected]</span></a>, (202)
452-3884.
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements (which contain more detailed
information about the information collections and burden estimates than
this notice), and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve Board's public website at
<a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a> or may
be requested from the agency clearance officer, whose name appears
above.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Collection title: Recordkeeping and Disclosure Requirements
Associated with Regulation RR.
Collection identifier: FR RR.
OMB control number: 7100-0372.
General description of collection: In 2014, the Board, Office of
the Comptroller of the Currency, Federal Deposit Insurance Corporation,
U.S. Securities and Exchange Commission, Federal Housing Finance
Agency, and Department of Housing and Urban Development adopted a joint
final rule (credit risk retention rule) that implemented the credit
risk retention requirements of section 15G of the Securities Exchange
Act of 1934,\1\ which was added by section 941 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act.\2\ The Board's credit risk
retention rule, which applies to any securitizer of asset-backed
securities (securitizer) that is a state member bank or a subsidiary of
a state member bank, is codified in the Board's Regulation RR--Credit
Risk Retention (12 CFR part 244). Regulation RR includes a number of
mandatory recordkeeping and disclosure requirements.\3\
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\1\ 15 U.S.C. 78o-11.
\2\ Public Law 111-203, 124 Stat. 1376 (2010).
\3\ The FR RR previously took burden for the SEC's credit risk
retention rule insofar as it applies to securitizers that are, or
are a subsidiary of, a bank holding company, savings and loan
holding company, intermediate holding company, Edge or agreement
corporation, foreign banking organization, or nonbank financial
company supervised by the Board. The extension of the FR RR does not
include burden for the SEC's rule, because it is not a collection of
information conducted or sponsored by the Board.
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Frequency: Annual, event-generated.
Respondents: Securitizers that are, or are a subsidiary of, a state
member bank.
Total estimated number of respondents: 1.
Total estimated annual burden hours: 340.\4\
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\4\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR RR.
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Current actions: On November 23, 2022, the Board published a notice
in the Federal Register (87 FR 71637) requesting public comment for 60
days on the extension, without revision, of the FR RR. The comment
period for this notice expired on January 23, 2023. The Board did not
receive any comments.
[[Page 18547]]
Board of Governors of the Federal Reserve System, March 24,
2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-06545 Filed 3-28-23; 8:45 am]
BILLING CODE 6210-01-P
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